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Sold Rumor; Buy ECB Fact?
The European Central Bank meeting is on June 5. It is among the most important events of the first half and possibly the entire year. After much preparation and jawboning, the ECB is widely expected to take unconventional measures counter the low inflation and risk of deflation. It may also announce fresh initiatives to help facilitate financing for small and medium sized businesses. In anticipation of this, the euro has been sold. It declined by about 1.8% on the month. The net speculative position in the futures market swung to favor shorts. We suspect the market is particularly vulnerable to "sell the rumor and ... (full story)
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The good thing with the future is that it is progressively approaching...
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